Can financial agreements in family law be tailor made?

Date: Feb 29, 2016

When two people enter into a marriage or de facto relationship, their needs and interests may differ not only from each other but from other couples as well. Fortunately, there is a range of family law agreements that can be tailored by a family lawyer to the needs of their participants.

Below are two examples that can be developed to fit your needs.

Prenuptial agreements - what are they for?

A prenup - as it is more commonly known - is a type of family law agreement. In 2014, there was nearly 46,500 divorces in Australia - according to the Australian Bureau of Statistics. Divorces can sometimes lead to messy financial settlements, however, a prenuptial agreement can protect an individual's needs and safeguard their interests.

There are several crucial requirements before parties can enter a prenuptial agreement. Some of these include:

Parties to the agreement must be counselled by an independent and experienced family lawyer, which will help each party to sign a statement of advice.

The specialists offering family law advice must be fully aware of the information and specifics of each party's financial situation, so they can offer informed advice.

If the lawyers involved do not offer comprehensive and independent family law advice to the parties involved, there is a chance that a judge may overturn it.

The prenuptial agreement must be signed before the marriage becomes binding or before cohabitation begins.

Post-separation agreement - what is it?

In the event that a de facto relationship or a marriage ends, the people involved will need to develop and implement a plan for dividing up assets, property and any debts.

While there are a series of approaches to this - some include the courts, while others involve a mediation process, the aim is to formalise an agreement and apply for consent orders through the Family Court.

If a post-settlement agreement cannot be agreed upon, the court will become involved and may make these decisions for you.

In either case, it is highly important you receive specific family law advice that is crafted to your particular situation and individual needs. If you would like you to know more about the types of financial agreements that can be developed specifically for you, talk to the experts in the field.